The Budget - What Do They Think?

George Osborne has delivered his 2012 Budget to the Commons, and as expected the 50p top rate of tax is being cut to 45p, a measure which will come into effect a year from now.

"We are earning our way out of trouble," the Chancellor said at the conclusion to his speech, insisting that the top rate of tax - introduced by the last government - had only encouraged tax avoidance and raised less than a third of the amount previously expected.

The chancellor also performed a major U-turn on cuts to child benefits for middle-incomes.

Rather than taking benefits away from any household with someone earning just over £40,000, the rate at which benefits begin to be cut is raised to £50,000 - and it won't be an automatic cut, rather it will escalate depending on earnings, with the entire benefit only being taken away from someone earning £60,000.

Here's how politicians, business and the unions responded to the major changes outlined in George Osborne's speech:

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Ed Miliband

The Labour Leader said that Osborne's budget meant that "millions will pay more while millionaires pay less".
"They promised change but things have got worse, not better" he said, "The Chancellor's plan has failed".
"It is completely the wrong priority to cut taxes for the richest people in Britain earning over £150,000 a year.
"It has the wrong priorities. It is out of touch. It is the same old Tories, a millionaires' budget that squeezes the middle".